Find the term t of each continuously compounded account below rounded to the nearest tenth of a
Question:
Find the term t of each continuously compounded account below rounded to the nearest tenth of a year. In the chart, B is the ending balance, P is the principal, and r is the interest rate expressed as a percent.
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a. b. C. d. e. B $2,124.00 $957.60 $25,700.00 $185.50 $1,084,000.00 P $2,000.00 $900.00 $25,000.00 $175.00 $1,000,000.00 r 2% 1.25% 0.9% 3% 1.6%
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A We need to figure out the impact of the continuous compounding to see how much the account will gr...View the full answer
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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